Ollie's Bargain Outlet Analysts Increase Their Forecasts Following Upbeat Earnings

Ollie's Bargain Outlet Holdings, Inc. OLLI reported upbeat earnings for its third quarter on Wednesday.

Ollie's Bargain Outlet reported quarterly sales growth of 14.8% Y/Y to $480.05 million, beating the consensus of $468.55 million. Adjusted EPS of 51 cents topped the analyst consensus of 44 cents.

Ollie's increased its FY23 net sales outlook to $2.097 billion-$2.104 billion from $2.076 billion-$2.091 billion vs. the consensus of $2.09 billion. The company raised its FY23 Adjusted EPS outlook to $2.77-$2.83 from $2.65-$2.74 versus the consensus of $2.73.

Ollie's shares fell 3.1% to trade at $74.02 on Thursday.

These analysts made changes to their price targets on Ollie's following earnings announcement.

• UBS boosted the price target on Ollie's from $92 to $95. UBS analyst Mark Carden maintained a Neutral rating.
• RBC Capital increased the price target on Ollie's from $84 to $86. RBC Capital analyst Steven Shemesh maintained an Outperform rating.

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